Debt Advice Bureau responds to credit card mortgage news

The Debt Advice Bureau has responded to the news that over one million homeowners pay their mortgages on credit.

Stephen Rose, director of Debt Advice Bureau, believes that people using credit cards to meet mortgage payments may not be treading on a dangerous path after a poll from YouGov found six per cent needed a credit card to meet payments.

“If people are using credit cards it may mean that there are cash flow problems anyway, it really depends what they’re paying on the credit card versus what they are paying on the mortgage,” he said.

“There are people out there who have technically bought a house on a credit card and they’ve done very well. I bought my first property off the back of credit cards and the credit cards were a hell of a lot less than a mortgage,” he added.

Conditions apply. Please note that repaying debt over an extended period may increase the total amount of debt to be repaid. Transferring debts to a financial management plan will affect your ability to obtain credit in the short term. Your ability to obtain credit may also be affected in the medium to long term.